Latest news with #AteevBhandari
Yahoo
3 days ago
- Business
- Yahoo
Bain Capital-backed Heartflow valued at $2.27 billion in solid Nasdaq debut
By Rishab Shaju and Ateev Bhandari (Reuters) -Medtech firm Heartflow was valued at $2.27 billion on Friday, with its shares surging 47.4% in the Nasdaq debut, as the IPO market gathers momentum and outrides tariff worries. The shares opened at $28 and went as high as $31.5, signaling robust investor appetite for companies leveraging artificial intelligence for healthcare. Heartflow sold about 16.67 million shares at $19 each in its IPO on Thursday, raising $316.7 million. The Bain Capital-backed company's debut comes as expectations of a softer trade policy and lower interest rates boost investor sentiment, which had nosedived after U.S. tariffs in April stoked recession fears. The market sentiment reflects "nervous excitement", said Matt Kennedy, senior strategist at IPO-focused research and ETFs provider Renaissance Capital. "We saw a spike in volatility last week, but at the same time stocks (are) flying up on AI-driven earnings blowouts." Space tech startup Firefly Aerospace and design software firm Figma saw stellar first-day reactions in recent days, strengthening prospects for tech-focused companies to go public. Heartflow's first-day pop could help boost market perception for other medtechs, which often rely on vast research and development expenditure, with clinical testing further pressuring the bottom line. Beta Bionics and Kestra Medical had solid debuts earlier this year, but are now trading below their IPO price, like most medtech IPOs of the past year. "If investors keep losing, they just won't show up and companies will struggle to raise IPO funding," Kennedy added, referring to underwhelming post-listing performance from several medtech IPOs in the past year. Founded in 2007, Heartflow helps physicians diagnose and treat heart disease. Its AI-enabled products can create a personalized 3D model of a patient's heart via a single specialized scan. The company's revenue rose 39% in the quarter ended March 31 from a year ago. Its losses, however, widened 55% to $32.35 million during the same period.
The Star
6 days ago
- Business
- The Star
Clay valued at $3.1 billion in latest fundraise as AI continues to run hot
(Reuters) -AI startup Clay has raised $100 million in its latest fundraising round, the company said on Tuesday, valuing it at $3.1 billion, as investors continue to pour money into artificial intelligence companies. The round was led by Google-parent Alphabet's independent growth fund, CapitalG, indicating industry validation for Clay's offerings. The round brings the company's total funding to $204 million. (Reporting by Ateev Bhandari in Bengaluru; Editing by Janane Venkatraman)
Time of India
23-07-2025
- Business
- Time of India
BlackRock imposes restriction on use of company devices for China travel
Advt Join the community of 2M+ industry professionals. Subscribe to Newsletter to get latest insights & analysis in your inbox. All about ETHRWorld industry right on your smartphone! Download the ETHRWorld App and get the Realtime updates and Save your favourite articles. BlackRock has asked its staff visiting China for business trips to use temporary loaner phones and avoid using company laptops, Bloomberg News reported on Tuesday, citing an internal world's largest asset manager told its staff that using company-issued employee devices, including iPhones and iPads, is not permitted, the report also barred the use of company laptops or remote access via virtual private networks, the report said, adding that employees will not have access to the BlackRock network during personal travel in could not immediately verify the report. A source familiar with the matter, however, told Reuters that this is not a new report comes as firms witness China's growing hold over access during travel to the Monday, the U.S. State Department said that the Chinese government had blocked an unnamed U.S. Patent and Trademark Office employee visiting the Asian country in a personal capacity from this month, a Wells Fargo banker was also blocked from leaving China. Beijing's foreign ministry said the banker was involved in a criminal did not respond to a request for comment.(Reporting by Ateev Bhandari and Pretish M J in Bengaluru; Editing by Mrigank Dhaniwala)
Mint
15-07-2025
- Business
- Mint
State Street second-quarter profit falls as employee expenses weigh
July 15 (Reuters) - Custodian bank State Street reported a 3.8% fall in second-quarter profit on Tuesday, as higher employee compensation expenses offset fees earned from managing client assets. State Street's expenses rose 11.5% to $2.53 billion in the second quarter, as it paid $1.28 billion for employee compensation and benefits, up nearly 16.5% from the year-ago period. Shares of the company fell 3.3% in premarket trading. After nearing bear market territory in early April, major U.S. stock indices ended June on record highs, buoyed by strong employment data, healthy consumer spending, and a softening of U.S. President Donald Trump's global trade war. The bank's assets under custody and administration rose 10.6% to $49 trillion in the three months ended June 30 from a year earlier, driven by higher market levels and flows. Its total fee revenue, most of which it earns as a percentage of assets, climbed 10.7% to $2.72 billion in the quarter. State Street reported a profit of $630 million, down from $655 million a year ago. Market volatility from tariffs also saw investors fleeing the dollar. State Street's foreign exchange trading services revenue jumped 28% to $431 million in the quarter, as the greenback recorded its worst first half of the year since 1973. The results come amid reports of consolidation in the sector. Last month, peer Northern Trust said it was "committed to remaining independent" in response to media reports of merger talks with BNY, the largest U.S. custodian bank. Analysts have said a merger could set the stage for greater dealmaking across trust and custodian banks, which have seen heightened interest from crypto companies. Stablecoin giant Circle last month applied for a national trust bank charter. State Street's shares had jumped over 12% this year as of last close, eclipsing a 6.6% rise in the benchmark S&P 500 index . (Reporting by Ateev Bhandari in Bengaluru; Editing by Maju Samuel)
Yahoo
10-07-2025
- Business
- Yahoo
Fintech iCapital valued at over $7.5 billion in latest fundraise amid private markets rush
By Ateev Bhandari (Reuters) -Alternative investments fintech iCapital was valued at more than $7.5 billion in its latest external funding round, where it raised more than $820 million, the company said on Thursday, highlighting investor interest in platforms that expand access to private-market strategies. Asset managers are pursuing individual investors and smaller wealth-management clients for private market investments, which have traditionally been limited to institutional investors due to the illiquid and high-risk nature of such assets. BlackRock, who is an investor in as well as a client of iCapital, last month unveiled plans to include private assets in its retirement plans, which account for more than half of the money the company manages. While some analysts argue regulatory friction might complicate such efforts from asset managers, iCapital CEO Lawrence Calcano does not see such headwinds yet. "If people remain focused on education and client outcomes, regulation is typically about protecting investors," Calcano told Reuters in an interview. The round was led by asset manager T. Rowe Price and hedge fund SurgoCap Partners. The funding comes over three years after an Apollo-backed round valued the New York-based company at over $6 billion. Alternative asset giant Blackstone is also an investor in iCapital. Founded in 2013, iCapital has completed 23 strategic acquisitions, including the purchase of the wealth alternatives unit of Citigroup in May, a deal that Calcano says will "help clients unify their investment platforms so they have one overall platform to drive the business" . The company assists investment professionals with asset administration, analytics, and educational tools, simplifying alternative asset management. "Going public or not going public is not really something that occupies a great deal of space in my head," Calcano said referring to iCapital's plans for a future listing. iCapital currently services $945 billion in assets on its platform, with $257 billion of those in alternative platform assets. Sign in to access your portfolio
